More goes into the calculation than what you earn. Number of dependents, postcode, deposit, how long you have been in your current job, if you are part time/casual/permanent etc.
best to contact a mortgage broker or use an online calculator.
BankSA has a calculator, that is a guide only.
No, I would say probably not, if that is your total income from all sources.
My income was slightly more than that and as a single mum, i borrowed 255,000 net of my10% deposit.
I think they said the most i could borrow was 300k, but then demanded more deposit at 255k, so go figure.
i also only have 1 daughter (dependent).
I’m a single mum of one and earn $800 weekly (after tax) and get about $350 monthly from other sources.
I got a loan of $420000 with a 70k deposit.
Never say never :)
The thing to remember is that it might seem stacked against you but you only need one lender to say yes. So keep saving, keep working and keep on checking what’s available and you would be able to get pre approval for, because one day it will come up.
its not like she's selling a house, you get lucky, just one buyer.
banks have rules and based on her income, its highly unlikely.
i don't think she can wait either because it sounds as though she has separated and wants to buy family home, read above.
Hey lovely, no one on here can give you a definite answer. Various factors go into gaining a loan. Your personal expenses, dependants, credit rating, debt, savings etc...
However I was reading the other day about the new home buyers scheme that can help sinple parents purchase a home with a 5% deposit. Have a google. And best of luck. Xx
13 Replies
More goes into the calculation than what you earn. Number of dependents, postcode, deposit, how long you have been in your current job, if you are part time/casual/permanent etc.
best to contact a mortgage broker or use an online calculator.
BankSA has a calculator, that is a guide only.
No, I would say probably not, if that is your total income from all sources.
My income was slightly more than that and as a single mum, i borrowed 255,000 net of my10% deposit.
I think they said the most i could borrow was 300k, but then demanded more deposit at 255k, so go figure.
i also only have 1 daughter (dependent).
I’m a single mum of one and earn $800 weekly (after tax) and get about $350 monthly from other sources.
I got a loan of $420000 with a 70k deposit.
Never say never :)
This has warmed my heart, I don’t have a deposit but due to messy break up there is equity in the home of approx 200k. Who are you with?
yeah right
I’m with commbank, but I went through a broker almost 2 years ago
There’s a single parent home loan, there are rules around eligibility but if you fit it will help. Run a preapproval online and see what it estimates.
Op if If your still unsure, try the free calculators
https://www.commbank.com.au/digital/home-loans/calculator/how-much-can-i...
And for not knowing any other circumstances, it’s already showing $308000 you may be able to borrow :)
Goodluck! :-)
Also try the AU site; https://moneysmart.gov.au/buying-a-house
Yes it’s possible
The thing to remember is that it might seem stacked against you but you only need one lender to say yes. So keep saving, keep working and keep on checking what’s available and you would be able to get pre approval for, because one day it will come up.
its not like she's selling a house, you get lucky, just one buyer.
banks have rules and based on her income, its highly unlikely.
i don't think she can wait either because it sounds as though she has separated and wants to buy family home, read above.
Hey lovely, no one on here can give you a definite answer. Various factors go into gaining a loan. Your personal expenses, dependants, credit rating, debt, savings etc...
However I was reading the other day about the new home buyers scheme that can help sinple parents purchase a home with a 5% deposit. Have a google. And best of luck. Xx